Chinese edtech Jianzhi Education Group ( JZ ) has disclosed terms for a proposed $30M US initial public offering.
The Beijing-based provider of digital educational content said it is looking to offer 5M American Depositary Shares, with each ADS representing two ordinary shares, priced between $5 and $7 per ADS, which would raise around $30M if priced at the midpoint.
Underwriters would be granted a 30-day option to buy up to 750K additional ADSs. AMTD and Univest Securities are serving as lead bookrunners. Jianzhi hopes to list its shares on Nasdaq under the symbol JZ.
Jianzhi is a provider of digital content for the Chinese market, with operations conducted through subsidiaries and variable interest entities, or VIEs, in China. Content includes online courses and instructional videos on higher education subjects, workplace etiquette, IT training and entrepreneurship. Jianzhi distributes its content through platforms such as Sentu Academy.
The company has been operating in the black. For 2021, Jianzhi reported net income of $8M on revenue of $74M. The company first filed to conduct an IPO in February.
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Chinese edtech Jianzhi discloses terms for proposed $30M US IPO